CREATIVE CIRCLE FOUNDATION
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022
Registered Charity No. 1172444
Creative Circle Foundation Contents of the Financial Statements For the year ended 31st December 2022
| Page | |
|---|---|
| Trustees' Report | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 9 |
Creative Circle Foundation Trustees' Report For the year ended 31st December 2022
The trustees present their trustees' report together with the financial statements of the charity for the year ended 31 December 2022. The financial statements for the period comply with current statutory requirements, the charity's constitution and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in January 2015 (The Charities SORP (FRS 102)).
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity number
1172444 (England and Wales)
Registered office
27 La Belle Alliance Square Ramsgate CT11 8HZ
Secretary
J Green
Trustees
V Maguire Chair T Robinson OBE L Atkin (Appointed 1st April 2022) M Waites M S Thind (Appointed 1st April 2022) K Hsiung (Appointed 1st April 2022) M Rocker (Appointed 1st April 2022) C Sobhani L Simon KJ LeCornet Dr. L J Bambach (Appointed 1st April 2022) S Shepherd (Appointed 1st April 2022) A Tonge
Independent examiner
Moore Kingston Smith LLP Charlotte Building 17 Gresse Street London W1T 1QL
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its constitution, and is registered as a charity in England and Wales.
Organisational structure
The trustee board meet annually, key issues are decided per the objects of the charity, i.e. to support greater diversity in UK creative departments through the education of students.
Public benefit
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard for the charitable commission's general guidance on public benefit. In shaping our objectives for the year and planning our activities, the trustees have considered the charity commissions guidance on public benefit including the guidance 'public benefit: running a Charity (PB2)'.
Page: 1
Creative Circle Foundation
Trustees' Report For the year ended 31st December 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT (cont.)
Achievements and performance
During the year the Foundation organised free to attend workshops and talks to aid in the education of young diverse creatives.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Whilst risk assessment can limit risk, it does not eliminate risk. The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operation and finances of the charity and are satisfied that the systems in place to mitigate exposure to these risks are operating efficiently.
Appointment of trustees
Under the requirements of the Charity's (the Foundation's) constitution the trustees shall have the power at anytime to appoint any person to be a trustee by resolution at a properly convened meeting. The number of trustees shall not be less than five.
OBJECTIVES AND ACTIVITIES
Review of the year
During the year the Foundation organised free to attend workshops and talks to aid in the education of young diverse creatives.
The Foundation received donations and sponsorship totalling £29,831 (2021: £17,515) from the Creative Circle awards. The Foundation also received sponsorship totalling £42,000 from 4Sponsorship during the year for a programme being run for creatives.
FINANCIAL REVIEW
Reserves policy
At the year end the charity held total funds of £18,570 (2021: £23,125).
In the trustees' view, the reserves should provide the Foundation with adequate financial stability to meet its running costs for a minimum of 6 months and the means for it to meet its charitable objectives in the short term. The level of reserves at 31 December 2022 are sufficient to support 6 month's charitable activity and the trustees continue to manage operations to keep the reserves at the desired level.
FUTURE DEVELOPMENTS
In the current year the charity aims to continue to support the young creative community with the education industry.
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Creative Circle Foundation Trustees, Report For the year ended 31st December 2022 STATF.MENT OF TRUSTEES, RESPONSIBILITIES 'I'hL' tsubrvei are respunsible t(Ir prep.2finR tlic-l-wsre¢b R('port and th£. financial st2tements In accordance with appliiAblL. law Ind Unittd knngdom Atcounting Standards (United [kitilirn CJenerAllv Acccpted Accounting 1)racticel Includin8 I,'IL% 10? 'The Financi ReportJn8 Srxndard applicable In the UK dnd Republic of Ireland,. 'I'he IAW Al)pIIiAI)ltr t() ihAritivg in I'.axland 2nd W Ales requires tStee5 to prcpare Il[LIALI stgtemctir% for eALh fin8n¢id year wliich vE .'I tni¢ nd t vjew of thc. statL' vl. attAirs of the charitv and of thL' InLome dnd exp¢nth"wrc ot thc chanry for rhat period. ln thL. finanLlal st4rcmLnr%. thc rwqtCC% Ilrc rcquired to". select SUltal)le 2ccnunting Pfjlicieq And rhcn apply them con$istcntlyJ bserve the Ineih(xls xn¢l priniiples In thv (thAril)es.SC)IIIJ: fflakt juclkTreinents #nil esiim4tL'% thAt arL' fl'aSimAblL' dnLI pnJdL'nt: btaiL whc'thl'r dpplILable aLLC)unring qtiinclards, inclu(linR PILS I(1? hii ve been f()Ilowed, subject to dns. Inaterial ilLparnJrL'S LI1cloS¢(l ?n(l Lxplgincd In rhe finiincsal stilrLiinenr%' statr<' wh('ther ll 5tatL'mC'nt ()t" KL'cDmm¢ncled l)racrice1S()lil)l Appli¢4 has been follr)wed subject ro any mAttriAI dtpArturc% wliiLII Ale explAitiecl In thi Iindncial %rarL'inents' pr('PAr¢' rhe finAnLIAI stiltC'Tnvftt% the w)In8 c()ncern unless It Inappr(ynate rn prcsuine that the LhArJrAI)IL LI)IllPAny will ii)niitMJe in l)usinL88. 'hc rrusrees Are re%p()n$iblL' t()r ktL'pinR pr()PL'r acciiunting r¢c()rds that LIisLI()5c wirh rea5c)Aal)IL Accur%Ly ar any iimc rhe Iijf 4AI'L'MiIArdinM thv A¥Ser4 ul. thi. Lhariry Anil hence takinx rc'ilN()llAI)Iv biep¥ for th(, pr('v¢iiiii>n An(1 Lletection of frAucI And i)rhL'r IrT¢Ildr1tt¥. 'I'hL rrusrccs arc Tespi)nbil)IL, fi)r rhe mAintL'n5ts1Lt And irtfL'gnry C)f thc L{}r)rAlL. Ancl tirtifft¢iiil inf()rinatii)n Includl'cl ()n the Ll)Arit!'% wcl)¥irc. Ii&ryslAii(m In rhc Unitc'cl Kiwlcxn &)vctning tl)¢ preparAri()n and L11$8eminxhi)n nt thc fiftAnLIAI stAttmtnr% Apprc)VL.d l)y thL' tru.st¢¢b and ()n rhcir l)ehiilf liy.. . SeCretry 07 1,ebrudry 2024 J Green Page". 3
Independent Examiner's Report to the Trustees of Creative Circle Foundation
I report on the accounts of Creative Circle Foundation for the year ended 31 December 2022, which comprise the Statement of Financial Activities, Balance Sheet and related notes.
Responsibilities and basis of report
As the charity trustees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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2) the accounts do not accord with those records; or
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3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Adam Fullerton (ICAEW) For and on behalf of Moore Kingston Smith LLP
Chartered Accountants
| Moore Kingston Smith | |
|---|---|
| Charlotte Building | |
| 17 Gresse Street | |
| London | |
| W1T 1QL | |
| Date: | 07 February 2024 |
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Creative Circle Foundation Statement of Financial Activities For the year ended 31 December 2022
| Income from: Awards Membership fees Donations Total Income Expenditure on: Charitable activities: Student sponsorship Festival costs Courses and Programmes for Sponsored Creatives Couriers Legal & professional Accountancy fees Subscriptions Bad debt expense Total Expenditure Net Income Reconciliation of funds Total funds at 1 January 2022 Total Funds at 31st December 2022 |
Unrestricted Funds year ended 2022 £ 29,831 42,000 494 72,325 14,650 31,980 25,650 190 - 1,502 408 2,500 76,880 (4,555) 23,125 18,570 |
Unrestricted Funds year ended 2021 £ 17,515 4,750 385 |
|---|---|---|
| 22,650 | ||
| 12,881 27,404 - - 300 1,785 250 - |
||
| 42,620 | ||
| (19,970) | ||
| 43,095 | ||
| 23,125 | ||
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Creative Circle Foundation Balance Sheet at 31st December 2022
| Notes Current Assets Debtors 4 Cash at bank Less Creditors: Amounts falling due within one year 5 Net Current Assets Total Assets less current liabilities Net Assets Funds 6 Unrestricted Funds Total Funds |
Unrestricted Funds 2022 £ 17,836 21,062 38,898 20,328 18,570 18,570 18,570 18,570 18,570 |
Unrestricted Funds 2021 £ 32,120 16,738 |
|---|---|---|
| 48,858 25,733 |
||
| 23,125 | ||
| 23,125 | ||
| 23,125 | ||
| 23,125 | ||
| 23,125 |
The notes on pages 7 to 9 form part of these accounts.
The financial statements were approved by the Board of Trustees on 7 February 2024 and were signed on its behalf by:
................................................................. V Maguire
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Creative Circle Foundation
Notes to the Financial Statements For the year ended 31st December 2022
1 Accounting Policies
Accounting Convention
Creative Circle Foundation is a Charitable Incorporated Organisation in England and Wales on the 6th April 2017. The registered office is 27 La Belle Alliance Square, Ramsgate, Kent, CT11 8HZ.
Accounting Convention
The financial statements have been prepared under the historic cost convention and on a going concern basis. The financial statements have been prepared in accordance with the Statement of Recommended Practice ''Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Standard applicable in the UK and Republic of Ireland (FRS 102)' (SORP FRS 102) published in January 2015, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including Update Bulletin 1 and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.
Rounding statement
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.
Going concern
The trustees have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. After making enquiries, the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
Income
All income is recognised in the Statement of Financial Activities when the charity is entitled to the income, the receipt is probable and the amount can be quantified with reasonable accuracy. Membership fee income is recognised on an accruals basis.
Resources expended
Expenditure is included in the statement of financial position on an accruals basis. Expenditure is recognised once there is a legal and constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used at the discretion of the trustees.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or raised by the charity for specific restricted purposes.
Designated funds are funds which are available for use at the discretion of the trustees, but have been earmarked by them for a specific purpose.
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Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2022
Accounting Policies (cont.)
Financial instruments
Cash and cash equivalents include cash at bank and in hand and short term deposits with a maturity date of three months or less.
Debtors and creditors receivable or payable within one year of the reporting date are carried at their at transaction price and subsequently at settlement value. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.
Critical accounting estimates and areas of judgement
In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
2 Trustees' Remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 (2021: £nil).
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 (2021: £nil).
3 Independent examiner's remuneration
| Independent examiner's remuneration 4 Debtors Trade debtors Other debtors 5 Creditors Accruals Other creditors 6 Movement in funds Unrestricted Funds General fund Total Funds |
At 01.01.2022 £ 23,125 23,125 |
2022 £ 1,430 2022 £ 12,300 5,536 17,836 2022 £ 3,030 17,298 20,328 Net movement in funds £ (4,555) (4,555) |
2021 £ 1,300 |
|---|---|---|---|
| 2021 £ 5,800 26,320 |
|||
| 32,120 | |||
| 2021 £ 1,830 23,903 |
|||
| 25,733 | |||
| At 31.12.2022 £ 18,570 |
|||
| 18,570 |
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Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2022
Movement in funds (cont.)
Net movement in funds, included in the above are as follows:
| Unrestricted Funds General fund Total Funds Movement in funds (2021) Unrestricted Funds General fund Total Funds |
Income £ 72,325 72,325 At 01.01.2021 £ 43,095 43,095 |
Expenditure £ (76,880) (76,880) Net movement in funds £ (19,970) (19,970) |
Movement in Funds £ (4,555) |
|---|---|---|---|
| (4,555) | |||
| At 31.12.2021 £ 23,125 |
|||
| 23,125 |
7 Funds
The charity's income and expenditure for the years ended 31 December 2022 and 31 December 2021 was unrestricted for the purposes of these accounts.
8 Related party transactions
In 2022, included in other creditors is an amount of £533 (2021: £10,399) owed to Creative Circle (UK) Limited a related party by virtue of common directorship. Included in income is £29,831 (2021: £17,515) received from Creative Circle (UK) Limited.
Included in other creditors is an amount of £13,504 (2021: £13,504) owed to a director.
Included in other debtors is an amount of £5,536 owed from UK Creative Festival a related party by virtue of common directorship.
9 Employees
The charity had no employees during the year ended 31 December 2022 (2021: none).
10 Control
The charity is controlled by the trustees under the terms of its constitution.
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